Word: midlands
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Founded soon after the Gold Rush of 1849, Wells Fargo is California's oldest bank. Last week the San Francisco company, which still uses its familiar stagecoach symbol, scooped up some glittering gold dust when it agreed to pay Britain's Midland Bank $1.08 billion for Crocker National, another San Francisco bank. If the deal goes through, the combination of Wells Fargo (1985 assets: $29.4 billion) and Crocker will be the largest banking merger in U.S. history. The agreement ended six months of secret negotiations between Wells Fargo and Midland executives. No one at Crocker had known that a deal...
...rest of the world has been unable to make anything like them." Adds Dennis Jones, who takes a full day to make a radiator grille: "Henry Royce would be proud to have his name on this car." Royce, an engineer, met Entrepreneur Charles Rolls in 1904 at Manchester's Midland Hotel, and the first Silver Ghost was on the road three years later. Rolls died in an air crash in 1910, but Royce went on to launch the posh Phantom series in the 1920s and to acquire Bentley Motor Ltd. in 1931, two years before his death...
...Midland, Texas...
Planned and built in another, more optimistic age, America's electric utilities were modeled after the grandiose ideas of Thomas A. Edison, a hero of 19th century applied science. Now the industry is wallowing in unheroic times. In Midland, Mich., last week, directors of Consumers Power voted to stop construction on a nuclear project that is already $3.25 billion over budget, while local companies and state officials debated whether to save the plant. In New York, nearly 4,000 maintenance workers went on strike over wages against troubled Long Island Lighting, which is on the brink of default...
Consumers Power Co. is spending $1 million a day in interest payments to keep its Midland project going. Consumers Power's long-term debt now exceeds the firm's shareholder equity by more than $1 billion; Chairman John D. Selby has warned that if the twin reactors are not finished, the company, which has 1.3 million electric customers, could be forced into bankruptcy proceedings. The credit ratings for bonds issued by several utilities have been lowered. Moody's Investors Service dropped the ratings on bonds put out by Public Service Co. of Indiana from Baa2 to Ba2 after the company...